Challenges in the banking sector
Reflecting on the past year and the period before COVID-19, we are all aware of the changes that happened and the way COVID-19 disrupted our everyday life. Every enterprise regardless of the industry was faced with a lot of challenges, and the banking sector is not an exception. As we are slowly getting towards the end of the COVID-19 situation, the banking sector will certainly be faced with some serious challenges again.
Prior to COVID-19, banks have already started their path towards digital transformation, and though it was slow, it was steady and progressive. When COVID-19 struck, banks were forced to close their physical locations, start remote working, and speed up the process of digital transformation. During this period, two major challenges affected the banking sector: 1) the need for rapid digital transformation, and 2) the need for secure and safe data. These two challenges will continue to exist even after COVID-19, so how can you prepare yourself for what the future holds? IT and EAI (Enterprise Application Integration) are the answers to this question.
Tackling challenges in the baking sector with Enterprise Application Integration
Digital transformation initiatives and data security have EAI in common. EAI streamlines business processes, improves interdepartmental communication, and provides a central place for all data within an enterprise. Having the data scattered across the enterprise leads to difficulties in security management, and most of all increases the chances for human error. Duplicate information, lost or missed information are a few of the cases that might happen. EAI solves the data security question by having all data stored in one central location, and prepares the enterprise for digitalization by:
- Automating manual processes
- Enabling seamless data flow among different systems
- Combining functionality and information of multiple applications into one system
- Providing flexibility in the IT infrastructure to respond to the customers’ growing expectations in time
Additionally, EAI strengthens operational resilience and positively influences business continuity which helps banks respond to challenges fast and easily, and prepare for tomorrow.
Enterprise Application Integration in Practice
⋮IWConnect and SnapLogic have been helping customers integrate, automate, and transform their businesses for a few years now. They have been involved in ensuring that enterprises within the banking sector meet the challenges of the future. One successful story of an enterprise that has started the process of going digital and is already reaping the benefits of EAI is our client Hampshire Trust Bank (HTB). As a specialist bank, staffed by experts focused on helping UK businesses realize their ambitions, HTB wanted to improve the services they provide by establishing a new asset finance system that will replace the existing legacy system, and will migrate the critical processes and data to the cloud ensuring data security. By joining forces, ⋮IWConnect and SnapLogic ensured that all systems within the bank worked as one cohesive unit and automated the processes of compiling and constructing information.
COVID-19 caught us unprepared. We needed some time to adjust to the new situation and start functioning normally, but it is still the main driver for rapid digital transformation. To respond to these challenges and continue functioning without any disruption, enterprises within the banking sector should adopt EAI practices and be one step ahead of the future. One way to remain resilient in a disrupting time is by constantly following the changes within the world and responding to them quickly.
In case you are interested more about EAI and automation, and how it can help your enterprise, you can check out the following blog posts as well:
If you want to discuss how EAI can help your enterprise, you can contact us or our partner SnapLogic. We would be more than happy to be of your assistance.